Consumers need to understand how lease deals are calculated before discussing it with a dealer. There are many technical words that dealers use and if you understand them prior to your initial consultation you are bargaining from a position of power. Remember that you are a sort after and prized customer. So, here are my tips for negotiating a brilliant lease deal.
A Dealer With A Good Name Is Easy To Find
Hopefully, you will be the next happy customer who will also leave positive feedback about your car lease deal experience. It is easy to find feedback these days either on the website, the GooglePage or an independent review site.
A Few Good Quotes
If you understand the market price then you will not be low balled by the lease dealer. Shopping around for different quotes means you know what figures you are working with. It also lets you get acquainted with a broker in a reputable dealership.
How Does It Add Up?
Lease Deals are notoriously termed heavy. In order for you understand what you are paying for you need the terms used.
- Residual Value:-This is the expected market value of the car at the end of the lease term usually after three years.
- Depreciation:- The amount that the value of the car will drop over the term of the lease. You must check the expected deprecation by researching the typical loss with a variety of car sales companies.
- Money Factor:- The finance charge which is often known as the interest rate, it is the mainstay of the loan. It is recorded as a decimal number and converted into a percentage. Make sure you get the best rate available in your state.
- Term of Lease:- This is just the number of months your lease will run for. Typically, 36 months but it can be anything from 24-48 months.
- Gap Insurance:- It should be included in the deal by the car company. This covers you f if the car is stolen.
- MSRP or Sticker Price:- This is the manufacturer’s price and you are free to negotiate this.
- Capitalized Cost:-Take the sticker price and deduct the down payment or trade-in value.
Negotiate With Confidence.
Think about your driving needs and check which models are best suited. Decide what features and spec are going to make driving pleasurable for you. If you want to lease the best car for the lowest price you have to know what you want to be included.
The manufacturer pays for the upkeep of the vehicle during the lease period. make sure you will fulfill your obligations so you do not incur unexpected costs. Remember you are driving a new car and it will come with all the manufacturer’s benefits as long as you stay within the mileage restrictions and warranty specifications.
Here in Long Island, there is one car lease dealer that stands out from the rest and will deliver the best deals. Once you have found a class of car you should look online to see if there is a car that suits your needs. Take some time and search the online inventory so your dream car is available for a test drive.